SilverBow Resources Announces Closing of Oil-Weighted Acquisition
November 22 2021 - 8:00AM
Business Wire
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the
Company”) announced today that it has closed its previously
announced acquisition of oil and gas assets in the Eagle Ford from
undisclosed sellers. The aggregate purchase price for these assets
was $75 million, subject to customary purchase price adjustments
and an August 1, 2021 effective date. In accordance with the terms
of the Purchase and Sale Agreement, the transaction consisted of
$45 million in cash and approximately 1.35 million shares of
SilverBow’s common stock.
MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented,
“This is the third acquisition we have closed in the second half of
this year. This transaction represents SilverBow’s largest to date.
As we look to 2022, the Company is set to grow production by double
digits in part from the incremental development locations and a
full year’s worth of contribution from the acquired assets. With
greater cash flow and liquidity, SilverBow remains well-positioned
for strategic M&A and further de-levering.”
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy
company actively engaged in the exploration, development, and
production of oil and gas in the Eagle Ford Shale and Austin Chalk
in South Texas. With over 30 years of history operating in South
Texas, the Company possesses a significant understanding of
regional reservoirs which it leverages to assemble high quality
drilling inventory while continuously enhancing its operations to
maximize returns on capital invested. For more information, please
visit www.sbow.com. Information on the Company’s website is not
part of this release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements represent management's
expectations or beliefs concerning future events, and it is
possible that the results described in this release will not be
achieved. These forward-looking statements are based on current
expectations and assumptions and are subject to a number of risks
and uncertainties, many of which are beyond our control. Important
factors that could cause actual results to differ materially from
our expectations include, but are not limited to, risks and
uncertainties discussed in the Company’s reports filed with the
Securities and Exchange Commission. All forward-looking statements
speak only as of the date of this news release. You should not
place undue reliance on these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211122005292/en/
Jeff Magids Director of Finance & Investor Relations (281)
874-2700, (888) 991-SBOW
SilverBow Resources (NYSE:SBOW)
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